The federal government is committing $1.2 billion to support the softwood lumber industry.
Prime Minister Mark Carney has announced a four-pillar plan.
He says that includes financial support for lumber companies as a result of new US duties.
“The first pillar is to give our companies that need liquidity, that liquidity in order to address immediate pressures,” Carney outlined during a press conference in Kelowna, British Columbia.
“To do so, we’ll provide up to $700 million in loan guarantees.”
Carney also says there will be funding to help companies innovate.
“To make the softwood lumber industry more competitive for the long term, we will provide an additional $500 million, largely in grants and contributions to supercharge new product development and new market diversification.”
He adds the government will announce details this fall of a Build Canada Homes program and fourthly, to work to expand new markets for Canadian lumber.
